wejo raises $103m in Series B funding from General Motors
General Motors acquired a 35% stake in the technology company as part of a round that values the business at $275m.
wejo operates a connected car data exchange platform that tracks millions of vehicles and processes extensive mileage data. The business maintains offices in Chester, Manchester, and San Jose.
wejo has secured $103m in a Series B funding round from General Motors, which also acquired a 35% stake in the business, valuing the Chester technology company at $275m.
The capital injection will accelerate the firm's growth and scale its connected car data exchange platform, which currently tracks 7m vehicles and supports applications in traffic management, urban mobility, and insurance.
This transaction builds on previous funding rounds, including a Series A that raised $15m across two closes in 2018. General Motors will collaborate with the company to develop new products and services for drivers, such as real-time parking and fuel pricing data.
From the founder
"This strategic partnership with GM represents a major step forward for wejo and puts us at the forefront of the connected car revolution. It’s a statement of intent from one of the biggest car manufacturers in the world. Connected car data is of enormous value, not least to drivers who will be able to use it to unlock an evolving number of benefits, whether that’s cheaper insurance and fuel or a place to park."
Richard Barlow
CEO at wejo
Use of funds
- 01Fund the next phase of growth